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Full text of "Annual Evaluation Report Fiscal Year 1984"

524-1

LOANS FOR CONSTRUCTION, RECONSTRUCTION, AND
RENOVATION OF ACADEMIC FACILITIES
(CFOA No.  13.594)

I.     PROGRAM PROFILE

Legislation; Higher Education Act of 1965, Title VII, Part C, as amended,
(20 U.SVC. 1132d); and Participation Sales Act of 1966; and Independent
Offices Appropriation Act of 1967. (Expires September 30, 1985)

Funding Since 1980:

Indefinite
Fiscal Year               Authorization              Appropriation!/          Appropriation

1980                        $200,000,000                   $ 2,189,000                 $      609,000

1981                             80,000,000                       1,656,000                     1,091,000

1982                            80,000,000                     11,096,OOQ2/               37,783,000

1983                            80,000,000                     20,143,000                        134,000

1984                            80,000,000                     19,846,000                                    0

Purpose: To assist higher education institutions in obtaining adequate
academic facilities, the Secretary is authorized to make or insure low
interest loans for the construction, reconstruction, or renovation of
academic facilities.

ED awards loans subject to the following stipulations: (1) not less than
20 percent of the development cost of the facility must be financed from
non-Federal sources (this requirement may be waived for schools qualified
as developing institutions under HEA Title III), (2) the applicant must
have been unable to secure a loan of this size from other sources upon
terms and conditions equally as favorable as the terms and conditions
applicable to loans under this program, (3) construction must be under-
taken in an economical manner, (4) in the case of a project to construct
an infirmary or other facility designed to provide primarily for out-
patient care of students and institutional personnel, no financial
assistance will be provided for such projects under Title IV of the
Housing Act of 1950, (5) the loan must be repaid within 50 years, and
(6) the applicant must pay an interest rate of four percent.

Eligibility: Institutions of higher education and higher education
building agencies (that is State agencies empowered by the State to Issue
tax-exempt bonds on behalf of private institutions of higher education)
are eligible for loans.

II.    RESPONSE TO GEPA 417(a)
A.    Goals and Objectives

In FY 1984, the Department's objective for this program was to collect
on defaulted loans and to improve debt collection efforts.ly Black (not HBCU)         753,269                 536,300               466,100